Background & Purpose
Large multinational companies sometimes move their profits to countries with very low taxes to avoid paying their fair share. To stop this, countries around the world are cooperating to ensure these giant corporations pay a minimum level of tax, which requires tax agencies to share financial data with each other.
The Decision
The Swedish Parliament decided to approve a new international agreement and a new law. This allows Sweden to automatically share tax reports of large corporate groups with tax authorities in other countries.
Does this affect you?
- Large multinational corporations: They must now prepare and submit detailed top-up tax reports and will have their tax data shared internationally.
- The Swedish Tax Agency: They get new tools and duties to automatically exchange tax information with foreign authorities.
- Corporate tax advisors: They must adapt to the new reporting standards and help large firms comply with the international tax exchange rules.
In Practice
- Large multinational companies must submit detailed reports about their taxes.
- The Swedish Tax Agency will automatically send these reports to tax authorities in other countries where the companies operate.
- Sweden will receive similar tax data from other countries about foreign companies operating in Sweden.
- New secrecy rules will protect this sensitive financial information from being leaked to the public.